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20120501
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the break. >>> welcome back to the kudlow report. so, california's in trouble. govern he jerry brown's taking a page from president obama's soak the pririch tax proposals. >> this is the best that i could do. i've been thinking about this a long time. if one of you guys can think of something better, i'll be glad to -- i'll read your story tomorrow and if it passes the smell test we might even incorporate it. >> i've got one right off the top from the "wall street journal" article today. new jersey governor chris christie and a handful of republican governors around the country have balanced budgets with no tax hikes an large-scale union contributions to entitlements, even cutting tax. so it can be done. but where's california? it is the eighth largest economy in the world and it ain't doing great. so, here now we bring in democrat lieutenant governor gavin newsom of california. he hosts current tv's upcoming gavin newsom show. former reagan economic advisor art laffert, author of "eureka, how to fix california." you're going to raise the top tax rate on the most successful earners a
with recession. it includes cuts in debt and deposit ratings. joining us today is michael brown. good to see you. your reaction to the data this morning. growth numbers for both italy and germany. >> they've had a significant build up in inventories and stocks as the auto enter has been gearing up for production. you can see it in the bmw figures. we straightforward. germany is functioning because -- >> that even boosted u.s. growth in the first quarter. >> you need to make the sales. you can't keep the level going. it's part of that cycle that you get that seasonal al cycle that you get when you have a highly productive manufacturing based economy. >> doesn't bode well pot rest of the eurozone then. germany continues to truck along and you're saying it's just a blip that doesn't bode well. >> the ifo numbers have continued to be strong which means that it could well keep chugging along quite happily. remember, expectations for growth this year, you've just done it in the first quarter. so you don't have to do very much to beat expectations. but it's not about germany. it's about italy and spain
's price out this with fusion analytics josh brown. he says do not chase facebook on this first day tom bellis has money, his and bob pisani is joining us as well. at $38, josh, how do you view the valuation on facebook here? >> i think it's about what we expected, and i think the stock opens up at a premium even from there. and i think it will be probably a positive for the markets overall tomorrow, because this is a really dreary atmosphere. but something like a facebook could really make people feel a little bit better about wading back into some nasdaq names. that's probably what we had expected. and i bet it opens up at a decent pop from there. >> but you still wouldn't buy it at these prices? >> if you're in on the ipo price, you're in a great position. i don't know that it makes sense to buy this stock at 50, $55. you might want to hang tight. >> tom, you've got money in the game here. you've got some facebook shares, 38 bucks a share. what do you think? >> you have millions out there who have been waiting for this day to come. people who couldn't buy facebook that are going to c
boiling. we've got a budget crisis in california to tell you about. at this hour governor jerry brown announcing just how much worse things are than previously thought in the golden state. are they about to usher in a new age of austerity out on the coast? now, if you're long the markets today, the picture is not terribly pretty. we are off the lows, but we're still down, down, down, 73 -- almost 74 points at the dow. sue is at the new york stock exchange and check in with us in about ten seconds. also today, jamie and the whale and ina and the new guy now in charge of that unit over there in london that lost $2 billion. president obama's spokesman weighing in on the case. we've got it all covered. let's start first with sue at the corner of wall and broad. sue. >> and you said it, ty, it is a down day. there were earlier on an awful lot of losers on the big board with about 25 to 30 dow components lower. dmodties getting roughed up as well. we'll get to that in a minute. we're going to talk stocks with bob pisani. i'm impressed by the fact the market has managed to come back so consi
of june or does june turn it around. back with me is joshua brown for fusion analytics. wealth management and amanda drury. thank you for joining us. let's take a look at what you're expecting in terms of the month of june. mark, let me kick this off with you. and dealing with the high earners and are they risk adverse and investors we have seen have been risk averse and they said we're pessimistic. we've actually spent a fair am of time and sell in hey, go away, you're going to miss a wild ride and and we think at the end of the day, the european fears and anxiety exceed a little bit. corporate earnings, cash on the balance sheet. little bit of labor improvement. and we have the ammunition for reasonableness this year. >> i want to come back to you on the summertime. i'd like to know what you are in fact envisioning this summer. how do you see it? what are you expecting for stocks? >> well, we think the second half would be better. the last two days are a perfect indication where you just can't get any traction. it was one day risk on, one day risk off. when you have that level of your h
troubles. they spend too much, they take in too little. a few days ago governor jerry brown said the state budget shortfall had grown faster than predicted from $9 billion to $16 billion. can facebook help solve the problem by spurring an economic revolution in the golden state? our jane wells is live in palo alto. good afternoon, jane. >> hey, carl. anybody in this valley who doesn't work for facebook is asking what's in it for me? they have never seen such anticipation, even not in 1999. will a thousand new millionaires solve california's problems? no, but they'll help. >> we have had some facebook employees. >> mark putnam has been selling cars in silicon valley since he was a teenager. and he remembers how crazy things got during the dotcom boom. people coming in with cash. >> yeah. you're not going to see your car for a month. i don't care. here's a deposit. he doesn't expect the new facebook millionaires to party like it's 1999, but california hopes they do. this week jerry brown updated the budget. the state now says facebook's ipo could add $14 billion in additional income this yea
has been making pretty strong statements about france's budget woes already. >> john brown saying hollande will stick to his guns and simple math is going to force him to compromise. it didn't raise a red flag for you? >> i think europe is already in recession and heading fast towards depression and like most socialists, he's going to take the easy option of more quantitative easing and federal reserve chairman bernanke and in doing so he will be supported by the angry american elite that support debased money and the struggle against strong us a industry general school money led by germany. so he will leave germany. this will force germany out of the euro and out of the european union, i can see. >> we're not going that far. you've gone too far. we're just talking about whether or not we actually think he's going to give himself cover so he doesn't have to do everything that he promised to by saying that sarkozy left it worse than he thought. >> i think he will do what he said. >> keep on spending away? >> yes. >> steve, is the math going to force him to compromise? >> well, yeah
because of weak tax revenue and slow progress in cutting spending. the governor jerry brown says that the shortfall for the upcoming fiscal year now stands at $16 billion. that's up from a previous estimate of $9.2 billion made back in january. brown will now present a new budget proposal today for the fiscal year at that starts in july but california could receive a windfall from the planned facebook ipo. revenue from faebz stock options held by people living in california could reach around $2 billion. but that raises a ton of question. $16 billion worth of deficit. i was just trying to figure out what greece and the budget deficit there stands at. $16 billion is a big number. >> you know the ranking for business friendliness is 50th. they're going to raise the sales tax and raise the income tax 3 points on people that make too much money, over 200 or over 250. we'll see how many more people decide to leave the state after that. at this point you can't go below 50 unless we include puerto rico and some of the territories. so what's jerry brown got to lose at this point? just go
morgan asset management. zane brown, and benn steil, council of foreign relations. rebecca, goi to you because i am noticing this swing, the collapse of gold and the rise of the dollar, and i want to ask a serious question. is deflation becoming a threat? >> i don't think it is yet, but i think what you're talking about, there is a common thread. everyone is getting nervous about everything they own. why is gold falling? if greece is going to exit the euro, wouldn't you want to own gold? right now, what every investor on the street is thinking, i want liquidity, i want cash. if i'm selling euros, buying gold. selling gold, buying dollars. it's ironic, because with all the political problems we have in the u.s. and the fiscal challenges -- >> you would think gold would be going to 2,500 and not 1,500. let me get benn steil in. i am told that a lot of these european central banks are selling gold. okay, they need to raise cash. i have no idea if -- who the central bank of greece is. they've got their own problem. but if the central bank sells gold, they're taking cash out of the economy.
retailer, gorgeous game-changing products, beautiful stores, then there's brown foreman, responsible for jack daniels, a terrific sense of what customers want and continues to invest aggressively in its brands while expanding overseas. i don't know, not that good lately, but an iconic toy company moving beyond toys and the web creating new ways for consumers to interact with the brand. american express, best customer service of any credit card company along with powerful fraud prevention products which are a couple of reasons my charitable trust owns it. goldman sachs, danny believes is the best of breed investment bank and the comments, remember the controversial op-ed page in the "new york times," it's usually in the business of putting clients first. and i think it does. when i worked there, i always heard the client,the client, the client is right, right, right. tim berland, got taken over by vf corp., made you a bundle. dreamworks, the sole underperformer in the group. danny suggested we remove dreamworks and replace it with salesforce.com. the software is a service company tha
and company. >> all right. gentlemen, thank you all. i know josh brown, you're going to be sticking around with us here as we get ready on the facebook story, which we'll be covering a lot over the next couple of hours here. so it's not the first time i would remind everybody that we anchored together. >> this is very true. >> i was asked how long we had been anchoring together. and i decided not to reveal that number. >> oh, you're very kind. >> so they wanted to come up with video of us back in the day. and this is the one they came up with. from 2004. watch. >> uh-oh. let's see. oh, god, remember this? >> throughout the day at cnbc -- >> hey. >> excuse me. >> yes? >> we're on live television here. >> oh, is it live? this just in. ge is bankrupt. i don't know if you heard that. >> in that case. >> and kenneth lay likes to wear makeup as a woman. sue herera. >> how are you? >> ooh! >> are we going to make hot spanish love right now? >> well we -- i don't know. >> any time now. >> i don't know. maybe. although this is going to haunt me for the rest of my life. >> stocks and bonds. >> you'r
. and joining me to do that is mark chandler, chief global currency strategist with brown brothers and mike moran with senior chartered bank. mike, i'm going to start with you. you think the risk of greece leaving the euro has risen extensively. does that mean you think they will? and what does that mean for the euro? >> really, the last election in may i think dramatically changed the odds for a lot of people. this anti-austerity message has really been quite deep. and i think now it becomes a political question. it's not so much the economics. the greek economy's contracted 20% in the last four or five years. so no one's buying into this austerity kind of program anymore. so i think the greeks are going to -- i think the risk of them leaving, you know, in the next six months before the end of the year are substantially higher than they were in may when there was still some buy-in. >> you're still short the euro or shorting the euro? >> we're still bearish on the euro looking at 1.20 or 1.22 over the next three months is our core view. one thing i would say is now the market is so short eu
to debate that and whether josh brown's rim pick last week in the cnbc stock draft was crazy like a fox or just crazy. that's at 2:00 eastern time. >>> next this afternoon, why facebook wants to know whether you are an organ donor. they've changed the way we communicate. are they about to change global health care as well? americans believe they should be in charge of their own future. how they'll live tomorrow. for more than 116 years, ameriprise financial has worked for their clients' futures. helping millions of americans retire on their terms. when they want. where they want. doing what they want. ameriprise. the strength of a leader in retirement planning. the heart of 10,000 advisors working with you one-to-one. together for your future. ♪ together for your future. (sfx: car garage sounds) today my journey brings me to charlotte, north carolina, where i spent the day with geico driver casey mears. i told him the secret to saving money on car insurance. he told me the secret to his car setup. first he adjusts... first he adjusts... (sfx:engine revving drowns out gecko's dialogue)
. georgia gulf. west lake pulled their bid. but i think gg catching a bounce today. >> josh brown. >> yeah. this xpi has broken out. new 52-week high as we speak. i like it. >> steve weiss. >> i convinced myself further shorting jc penney. that's my trade. >> i think following mr. ackman, i think canadian pacific looks like a great company that could get a lot better if they're able to get through what they want to do. >> that does it for us. we'll be here throughout the day bringing you the latest moves from the headliners here. "power lunch" begins right now. >>> welcome everybody to "power lunch." a busy hour ahead. facebook, you can forget it. despite our obsession with it, greece, go on, drop it, too. today we are talking about some things that are more fundamental perhaps. talking about three pillars of the global economy. gold, housing and retail. gold now technically in bear market territory. is this an opportunity? key numbers detailing the state of the american housing market are out. your home is your most important investment in many ways. plus, brand new numbers on the retail
bring a powerful lawsuit on the eve of the election. >> one of my favorite tweets, josh brown writes, in jest, walmart will not violate the 1999 federal law that says its stock must trade between 50 and 60. >> splay been an amendment. constitutional amendments do pass. there is something interesting that's happening. i love dollar tree, but could walmart finally be waking up to the dollar offerings and recognize they have to shore up their bottom end? i think that it wall mars has been losing share to dollar stores. they may have changed the skews. this is a company that duke has done a good job. he's done take good job. >> the turn around in same store sales is proof in the putting of that. and they cite increasing pricing separation from other retailers and it that may speak to the point that it is pricing better to some of the dollar tree stores gaining in general merchandise and some of the grocery items that it had struggled with for so long. >> they changed their mix. they've gone much more toward natural foods. but sears had great numbers. >> gentlemen. making jcp -- you pulle
typically. the last time we almost had one was big brown. do you remember that? >> yes, i do. >> do you know what year that was? >> 2009. >> 2008. we were down 30% that year. >> who do you like, bode -- >> bodemeister. >> i can't even talk to you with that hat on. i don't know what you're saying. >> do you want me to take it off? >> no, i want you to take everything else off and just wear the hat. >> this "squawk box" moment has been brought to you by -- >> you cannot be -- this conversation jurs can't be a serious conversation. >> no. >> here you did. >> no, no, no. who has a 10-1 that has never lost or that -- the only one that scored over a hundred on that test as three times that bode stop wherever it is. if you look at a jack mo that came through that is been 50 tof 1 basically over the past five years. i do the box thing. not just the horse to win. >> hmm. all right. i got to right last year. i don't know how and i don't know anything about it. but i'm afraid to pick a florida one. >> i think he ought to take the hat off. >> you don't get any credit if you pick a 4-to-1. >> bring the h
, they have a $15.7 billion shortfall. that same shortfall in january was $9.2 billion. governor brown says, well, he's going to get to this number by first $8.3 billion in cuts. the rest he's going to make up in taxes. and he wants a compromise. that's why it's only partially on cuts. i'll tell you what the compromise is going to look like. you want to know what the compromise is going to look like? the compromise is going to look like happy feet! because the people of california are high-tailing out of the state! just look at what governor brown said. the reason we went from a shortfall that he imagined would be somewhere in the $9.2 billion area to $15.7 billion is because of all these people that have left the state. the revenues of his last tax increase just didn't generate the revenue. boy, how quickly all the experts are to berate the likes of art laugher, who always seems to have it right with regards to taxes. if you get overtaxed, in a way, where the taxes are paying bills in the rearview mirror, but your income that they try to tap is here moving forward, one of the recourses you
jacobson is joining us for it more. and in new york, josh brown. tim, first of all, if they set the i abopo price at 38, does t mean they priced it right or wrong? >> in one sense they got it right. on the other hand, i think that everybody's realizing they squeezed most of the juice out of the ipo and one of the big issues is what will happen today. because it closed at 38 really because the banks were intervening to mop up the stock. so the interesting time will be this morning. >> because you think row tail investors might look at this and say if they had to get in this and support the price now, we better be safe than sorry and get out of these shares. >> i think before the ipo, there were two these ceas there -- once you start replacing the idea that this may go to big increase, the real issue is fear. why see too many retail investors buying this morning. >> there's also a question of what this means for the nasdaq. a lot of people saying this could be a big turning point for them, maybe winning more business going forward. how much has that changed after what happened on friday? >> i
't independent in what gordon brown was up to. because even though they were hitting the cpi target, that was mainly because there was a lot of cheap imported goods. but you had a property boom, you had an asset price boom. and that was obvious for a lot of us to see. and you looked it at the money supply figures, you knew that a lot of the growth in the economy is really on steroids. it wasn't real. and if you you had had a really genuinely independent bank of england, they would have said enough is enough. but i expect the man down in the treasury would have trohrown hi hands up in horror. he never did want a second term, so there you go. >> we have to leave it there for now on this topic. ruth, thanks very much for coming in. first to china where policymakers and top academics are reportedly in heated debate about what to do with the country's capital account. tracey chang explains. >> that's right. a pboc backed newspaper says officials and scholars are figuring out if now is the best time for china to free it capital account. this essentially means china should look into liftin
what's next, listening to people who can be difficult to deal with. dana brown is a president of professionalism matters. we have tips for managing difficult personalities. i can't wait to hear your solutions to these problems. first let's talk about the types of people that drive us all crazy. first, the rambler. >> i think every meeting has the rambler. that person who goes on and on. they're giving you the war and peace version when you really want the cliff notes version. >> how do you make them stop. >> one technique that i really like, ask them to summarize their points for the meeting notes. it is a chance to compliment them and speed them up. say you are making great points, but i am worried we might not capture it all. could you boil it down to one key phrase. >> i always want to say please shut up now. the next person is the multit k multitasker. >> not only are we frustrated with them, but we have all been that person. they are on their pda or ipad. one of the things we can do is try to develop a ground rule right at the beginning. don't just ignore the problem. br
are your examples. >> bright horizons, 20,000 employees, you had linda mason, roger brown, yale classmates who founded this business, they'll tell you they never could have gotten going without mitt romney. >> we're going to talk more about these so-called real romney later on in the show but in the early days of bain, what was he like? >> i think we'll wait for jeff to get on. he's just a really regular guy who can make fun of himself, had no false pretenses and was really, really cheap. >> i like the fact that he's really cheap. can i say that? >> he is really cheap. >> you like that? >> i think that's a fantastic quality in a president. >> why is that a fantastic quality? maybe not as a human but as a president. >> as a guy who has made a lot of money. there's something redeemable about that. >> the reason the staples idea resonated with him is because he was cheap enough to want to save on pencils and paper where most others didn't care. >> a guy that's got the finances of the country, that's why -- >> i like that. >> a lot more to come. >> he limited the free cookies because he wanted
as bad. >> mark landsbalm did a great article on california. he pointed out in january, governor brown thought he would have ruffle a $9 billion deficit. it is looking like 15.7. they are going to have a referendum as to whether they will raise taxes. many of the experts that mark landsbalm talks about think that that deficit actually could be as high as $17 billion. today, versus 2008, this is great. think about your own lives. think about how you may be more controlled in your spending today than you were before the credit crisis. well, today versus 2008, california actually is going to spend $30 billion more. that's roughly a 15% increase and as this gentlemen pointed out in his column and i will ask you out there, whether it is on satellite radio or you are watching on your tv, how many americans are spending 15% more than they did in '08 and running a significant deficit? i think california might be only unique to other countries and other states, not necessarily citizens. last but not least, their k-12 schools, here is what's really fascinating. they basically want to spend $34 b
on that windfall -- >> the one person who should be ringing a bell today is governor brown. his financial situation just got a lot easier because of these guys. >> great point that there will be a lot of taxes paid. a great point that wealth creation is something that has not been the emphasis on this country in the last few years. this is, again, a needle holder. there are so many shareholders and so many companies selling. so many big funds that got in this and turned out to be right. that's rather remarkable. these rounds and rounds and rounds and they ended up being right. >> all along the way and valuations that kept increase ds. >> and everyone laughed. remember, after groupon, people thought that it was going to be a mistake. after zynga, people thought it was a mistake. but this is right now, money good. >> tonight, jim, i'm presuming you'll discuss facebook and how it actually opens. >> but i also have to talk about larger forces that are at work that jp morgan, where did they go wrong? it was a directional bet to some degree on europe. they don't want to admit that, but they got europe ro
Search Results 0 to 23 of about 24 (some duplicates have been removed)